A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

February 19, 2008

Hundreds of thousands of these Ponzi Scheme and mortgage fraud enablers will now be out on the market looking for new work, and what they'll find is that "Mortgage Broker" or "Real Estate Agent" are as desired as "Crack Cocaine Dealer" or "Escort Service Manager" on business resumes.

I feel sorry for the one or two "honest" and "ethical" ones in this business, but seriously how "honest" or "ethical" could you have been to push toxic loans on ignorant sheeple for a commission? Guilt by association I say. Thanks SoCal for the link..

Life amid the ruins - With the end of the economic good times, local people adjust to diminished expectations.

When Tracy Railsback submits her resume for a job, the first thing managers notice is that she worked in the mortgage industry. It doesn't get her a warm reception.

"Reputable companies, they don't want to look at you because they think everybody in that industry was bad and that's not true. Not everybody made tons of money and not everybody was dishonest," she said.

"Maybe if I stayed in waitressing I wouldn't have this problem at all, because the restaurant business doesn't go away," she said.

"Railsback was laid off from Peoples Choice Home Loan last May and hasn't worked since."

I worked with a woman dating a VP at Peoples Choice. She wore the most expensive clothing, shoes and purses I've ever seen in real life thanks to him. He also bought her a car. Wonder how the gold digging is going now.

Yea, I can see how it could cause problems putting that on your resume. Especially, if the person in charge of hiring has a toxic mortgage and is trying to unload (unsucessfully I might add) a crapbox of a house that they paid about $200,000 too much for.

"Maybe if I stayed in waitressing I wouldn't have this problem at all, because the restaurant business doesn't go away," she said============================

Don't be so sure about that. The restaurant business is going to downsize...A LOT! Going out to dinner is one of the first things to get hit hard when the discretionary money dries up! A lot of our favorite haunts are virtually empty, most days, when before they were always full. The waitresses/waiters have been cut back accordingly.

"Chris Baggett, 52, used to have a company that generated sales leads for the mortgage business. It was dragged down by the subprime collapse. Today, he's behind on the rent on his home. He's convinced his landlord to trust him while he tries to find a job or start a new business."

"I'm frustrated as to whether I should go get a job at a Starbucks somewhere or gut it out and trust my ability to perform," he said. Every day, he tells his wife "'Hey, I can do this.' She hasn't killed me yet so I guess I have a lot to be thankful for."

LETS BREAK THAT DOWN FURTHER...

"Every day, he tells his wife "'Hey, I can do this.'"

NOW LETS PUT "SUZANNE" THE REALTOR COACH INTO THE GAME...

"C'MON CHRIS, YOU CAN DO THIS! TAKE THE STARBUCKS JOB, SO I CAN SELL YOU THIS SMALLER HOUSE BEFORE YOUR CREDIT IS EFFED UP!!!"

My wife brought a bunch of resumes home another day because she needed to hire a receptionist. There was a ton of former REIC applicants. To give you an idea, there was even a French woman who had moved to the US recently to work as a realtwhore. Those resumes went immediately into the trash can...after I spitted on them first.

This made me think back over the past decade. During the dotcom boom a lot these losers were Salespeople (order takers) and call center support staff. You know the slacker bunch, those who took 2 classes at your local community college and were in the hospitality industry suddently noticed that they could get a real job without a degree. Then the bubble burst. Suddenly you had to be actually able to SELL something not just sit and wait. The support guys who could not fix the customer problems were let go as they were no longer needed.

Then suddenly they all moved into the next field REAL Estate. Your saleswhores became realtors and your no good support people became mortgage brokers! Again both don't need a college degree or skills as again they were just order takers.

Now the shakeout begins. Anyone have a predicton of what happens to these folks many in there mid-30's-early 40's?

I feel sorry for you. Painting everyone in the real estate and mortgage businesses with the same broad brush just makes you sound like a little Hitler and diminshes the value of the truth that you do manage to speak...at those times you're not berating people and generally acting superior to most of the human race.

You'd do yourself a big service to quit shouting at everyone through a megaphone and tone it down a notch or two. I can handle snarky and superior, yet it's all I can do to hit this site more than once a week.

Your tone is tiresome, and you're not half as funny as you think you are.

the comments made on this site absolutely disguist me, who are any of you to judge a profession as a group? And just where do you people work? Oh....I'm sure the good for nothing, no potential, hourly, forever employee type, huh?? How does it feel?